Rongbai Technologies announced on March 16 that it plans to adjust the ownership structure of its wholly-owned subsidiary in Korea in order to achieve long-term participation in the North American lithium power market. Previously, due to the impact of US trade policy barriers, the production capacity of Rongbai Science and Technology Korea Base, which was originally oriented to North America, completely lost its market. In order to
get rid of the predicament and revitalize the assets of Korean production line, Rongbai Technologies intends to separate its wholly-owned subsidiary Korea JS into Korea JS Old and Korea JS New, and transfer 31% and 69% of Korea JS Old's equity to Singapore AKB and Korea AKB respectively.
At the same time, with the promotion of follow-up transactions, the ultimate goal is to achieve Singapore AKB as a Non-PFE ( "non-prohibited foreign entity"), gradually take over the 67000 tons/year ternary production capacity currently held by Korean JS, and re-launch North American business.
Rongbai Technology will continue to participate in the development of the North American market by holding 24.9% of AKB in Singapore.
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